At Harvard Business School, inside a seminar room with a smattering of button-down shirts and puffy fall jackets, a group of future corporate managers were talking about capitalism. What makes capitalism truly and purely capitalism? What are its essential components? Property rights. Financial markets.
“Maybe this is almost so foundational that it’s too much to put on the board — but scarcity?” said Andrew Gibbs, 32, a second-year student who came to Harvard by way of the military. “Would it be capitalism if people were comfortable?”
Prof. Debora Spar, who teaches the widely sought-after course “Capitalism and the State,” turned to Mr. Gibbs with the eye glimmer of an instructor who knows the conversation is about to get heated. “Would you go so far as to say a necessary condition for capitalism is scarcity, which is going to drive inequality?”
Mr. Gibbs paused, contemplating. “I would say so.”
Read more at the New York Times.